Tinubu Moves Digital Free Zones Initiative to Next Phase, Targets Global Capital for Nigerian Firms

Tinubu Moves Digital Free Zones Initiative to Next Phase, Targets Global Capital for Nigerian Firms

President Bola Ahmed Tinubu has directed the development of a roadmap for the full launch of Nigeria’s Digital Free Zones initiative within 180 days, as the Federal Government seeks to enable Nigerian technology and service companies to attract global capital, create jobs and serve international markets from Nigeria.

The President gave the directive to the Minister of Trade and Investment, Dr Jumoke Oduwole, in her capacity as Vice-Chairman and Implementation Coordinator of the Presidential Steering Committee on Digital Free Zones.

The initiative is designed to modernise Nigeria’s free zone framework to meet the requirements of the digital economy and reduce the need for Nigerian technology companies to establish their businesses and intellectual property abroad in order to access international capital and markets.

President Tinubu said the government’s objective was to retain more of the economic value generated by Nigerian talent through jobs, investment, professional services, intellectual property and the growth of Nigerian-owned businesses.

“Nigeria has the talent, enterprise and ambition to build companies that can compete anywhere in the world. Our responsibility as a government is to ensure that Nigerians do not have to leave Nigeria or rely on other jurisdictions to realise that potential,” he said.

According to the President, the initiative would also expand opportunities for Nigerians to work remotely for global companies while strengthening the domestic ecosystem of engineers, developers, designers, lawyers, accountants and other professionals supporting digital businesses.

He said the administration wanted Nigerian and African technology, finance and service companies to be incorporated, financed and governed from Nigeria while serving markets across Africa and the rest of the world.

The initiative is already taking shape with Itana, Nigeria’s first Digital Free Zone, licensed by the Nigeria Export Processing Zones Authority (NEPZA) to provide a platform for global and pan-African digital and service businesses to establish and operate from the country.

The Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City, Lagos. The project is expected to combine an enabling policy environment with an innovation campus, access to capital and ecosystem services to support African startups and help retain more of the value they create on the continent.

President Tinubu said the ambition extends beyond the establishment of technology parks.

“We want African companies to be incorporated in Nigeria, financed here and governed from here, while serving markets across Africa and the world.”

He added that the initiative would enable young Nigerians in cities across the country to work for global companies without having to relocate abroad, while allowing Nigerian founders to raise international capital while keeping their companies and intellectual property in Nigeria.

The Presidential Steering Committee will continue work on regulation, taxation, banking, immigration, arbitration and the digitisation of government processes within Nigeria’s free zones.

President Tinubu said the initiative would also position Nigeria to benefit from the expansion of Africa’s digital economy and digitally enabled trade under the African Continental Free Trade Area (AfCFTA).

“Nigeria has the talent and the market to reshape Africa’s place in the global technology and digital economy value chain,” the President said.

He described the Digital Free Zones initiative as part of the administration’s broader efforts to translate digital economy reforms into opportunities for Nigerian businesses, workers and entrepreneurs.

Tinubu Moves Digital Free Zones Initiative to Next Phase, Targets Global Capital for Nigerian Firms